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Nasdaq 100 US Stock Market Continues to Decline

12/19/2022 1:11 PM

The US stock market is strengthening the signals of the beginning of a downward correction. The decision of the US Fed to raise the interest rate by 0.50%, while indicating the continuation of the cycle of increasing the indicator, was the driver of the decline in the Nasdaq 100 quotes, which are trading at 11230.0.

Investors are afraid of uncertainty about the end point of an interest rate increase, as this does not allow making long-term forecasts. Leading economic indicators are increasingly pointing to the imminent onset of a recession. Thus, the index of business activity in the services sector in December fell to 44.4 points, returning to the lows of September, and the indicator in the manufacturing sector adjusted to 46.2 points from 47.7 points a month earlier.

The leading manufacturer of video processing software, Adobe Inc., published financial results, according to which the company's revenue amounted to 4.53B dollars against 4.43B dollars in the previous quarter, and earnings per share reached 3.6 dollars for the first time in history, exceeding the record of the last quarter of 3.4 dollars. Now Adobe Inc. shares stand out against the backdrop of a falling market, rising by almost 3.0%.

The growth leaders in the index are Adobe Inc. (+2.99%), Meta Platforms Inc. (+2.82%), Synopsys Inc. (+1.64%), T-Mobile US Inc. (+1.54%).

Among the leaders of the decline are Moderna Inc. (-6.74%), Tesla Inc. (-4.72%), Illumina Inc. (-3.82%), eBay Inc. (-3.05%).

On the daily chart of the asset, the index quotes continue to trade in the local descending channel.

Technical indicators have already reversed and issued a new sell signal: the fast EMAs on the alligator indicator crossed the signal line from top to bottom, and the histogram of the AO oscillator forms new descending bars, coming close to the transition level.

Support levels: 11080.0, 10630.0. | Resistance levels: 11450.0, 12000.0.

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